- Jurisdiction
- Florida
We, husband and wife of 53 years both in our 70's are selling our residence a 4th fl condo located on the Gulf coast of Florida. The buyer(widow) is a close friend and owns the condo next door as a 2nd/vacation home that she uses and also allows her adult children to use at times.
She is a very successful business person and paying cash at a somewhat above market value price. Her intention is for us to live here rent-FREE for the remainder of our lives or until we choose to move to a nursing home for health reasons, etc. This offer came about as the buyer knew that we were contemplating selling the condo because I was fearful that my wife could not afford to live here as a widow since her pension would drop significantly upon my demise.
Sales agreement made up by her lawyer. Price and dates etc. all acceptable.
"OTHER TERMS AND CONDITIONS:
Buyer and Seller hereby agree that Buyer will pay all closing costs. Buyer acknowledges receipt of condominium documents as Buyer is a current owner in xxxxx xxxxx.
Buyer and Seller hereby agree that Seller will lease the property from Buyer until they can no longer stay in the property due to health concerns. Seller will pay the homeowner associations dues and maintain a renters policy to insure the unit at all times as well as pay for the utilities."
Herein lays my question(s).
#1: The terms seem ambiguous to me. Should I have a separate document such as a life lease? Could the above be modified to include the term: RENT-FREE or $0.00 rent, etc.
#2: "renters policy to insure the unit at all times" This is a bit confusing as I believe that a Renters Policy would be for personal belongings and furnishings only, correct?
The Condo Unit would require a separate policy to cover cabinets, carpet, fixtures, etc. in case of fire, etc. CORRECT?
She is a very successful business person and paying cash at a somewhat above market value price. Her intention is for us to live here rent-FREE for the remainder of our lives or until we choose to move to a nursing home for health reasons, etc. This offer came about as the buyer knew that we were contemplating selling the condo because I was fearful that my wife could not afford to live here as a widow since her pension would drop significantly upon my demise.
Sales agreement made up by her lawyer. Price and dates etc. all acceptable.
"OTHER TERMS AND CONDITIONS:
Buyer and Seller hereby agree that Buyer will pay all closing costs. Buyer acknowledges receipt of condominium documents as Buyer is a current owner in xxxxx xxxxx.
Buyer and Seller hereby agree that Seller will lease the property from Buyer until they can no longer stay in the property due to health concerns. Seller will pay the homeowner associations dues and maintain a renters policy to insure the unit at all times as well as pay for the utilities."
Herein lays my question(s).
#1: The terms seem ambiguous to me. Should I have a separate document such as a life lease? Could the above be modified to include the term: RENT-FREE or $0.00 rent, etc.
#2: "renters policy to insure the unit at all times" This is a bit confusing as I believe that a Renters Policy would be for personal belongings and furnishings only, correct?
The Condo Unit would require a separate policy to cover cabinets, carpet, fixtures, etc. in case of fire, etc. CORRECT?
